Anchor developments at Bahrain Bay on schedule

Manama: Bahrain Bay Development, the development company for the $2.5 billion waterfront metropolis located off Manama's northern shore, yesterday said that the construction of two of its anchor developments, Arcapita's new headquarters and Bahrain's first Four Seasons Hotel, was on schedule.

The new headquarters for Arcapita, an international investment bank, and the Four Season's Hotel are two of the first anchor developments for Bahrain Bay.

Both developments are well into their initial phases of construction, with reclamation completed and infrastructure developed.

Upon completion, scheduled for late 2008, the new Arcapita headquarters will offer 18,000 metres of office space. The Four Season's Hotel will offer 220 premium hotel rooms within its 285 metres high tower which will be based upon its own island and open to guests from 2010.

"We intend Bahrain Bay to set a new standard for urban living in the region by creating a modern metropolis that will become the driving force of the redevelopment of Manama's city waterfront and underpin a sustainable legacy for the Kingdom.

"Bahrain Bay will be a complete community filled with residents, businesses and visitors, living in and surrounded by stunning architecture," Bob Vincent, CEO of Bahrain Bay, said.

"With the new Arcapita headquarters and The Four Seasons Hotel well into their initial phases of construction, we are seeing the beginnings of what will become a fusion of vibrant neighbourhoods, open spaces, entertainment, retail and commercial areas.

"Bahrain Bay will offer exceptional development and investment opportunities and ultimately, an inspiring urban lifestyle on the waterfront for residents and visitors."

With the first phase of the project completed, which saw the reclamation and infrastructure development of 430,000 square metres of land, Bahrain Bay has now moved into its second phase, where its anchor projects will be developed.

"These include the $600 million Raffles City Bahrain that will be developed by CapitaLand, one of Asia's largest real estate companies, as well as a $150 million investment by a joint venture between Ajmera Group and Mayfair Housing, both major Indian property groups, to acquire land and develop one of the tallest residential buildings at Bahrain Bay," Vincent told the media.